Updated almost 7 years ago on . Most recent reply
CA - Tax impact - closing costs
Hello,
I am looking to close on a home soon in California and it appears I will have the option to close in either 2018 and 2019. I think the only difference to me would be the tax implications with the closing costs. I don't currently itemize on my tax return and the closing costs won't exceed my standard deduction for 2018. Thus, to me it seems like I should close in 2019 so that I can take the deduction next year when I will be itemizing.
Would really appreciate some tax advice / insight on this topic. Thank you all in advance,
Will